Here are 1-3 brief analogies for Inspire Medical Systems (INSP):

• Edwards Lifesciences for sleep apnea.
• Like Medtronic, but focused exclusively on implantable devices for sleep apnea.

• Inspire System: An implantable neurostimulation device and associated therapy for the treatment of moderate to severe obstructive sleep apnea.

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Timothy P. Herbert, Chairman, President and Chief Executive Officer

Timothy P. Herbert founded Inspire Medical Systems in 2007, a company that was spun out of Medtronic. Prior to founding Inspire, he spent 11 years at Medtronic plc, holding various management positions in product development, clinical research, sales, marketing, and healthcare reimbursement. He holds a B.S. in electrical engineering and an M.B.A.

Rick Buchholz, Chief Financial Officer

Rick Buchholz has served as Chief Financial Officer since May 2014. He will be stepping down from his current position effective December 31, 2025, and will continue in a financial advisory role until late February 2026. Before joining Inspire, Mr. Buchholz served as the Chief Financial Officer, Secretary, and Treasurer at superDimension, Ltd., a medical device manufacturer that was acquired by Covidien plc in 2012. He played a significant role in Inspire's growth, overseeing the increase in revenue from $4 million to over $800 million by 2024, the company's initial public offering, and its achievement of profitability. He holds a B.B.A. and is a Certified Public Accountant (inactive).

Randy Ban, Executive Vice President, Patient Access and Therapy Development

Randy Ban assumed the role of Executive Vice President, Patient Access and Therapy Development in January 2025, having previously served as Chief Commercial Officer from July 2019 to November 2024. He joined Inspire in 2009. His prior experience includes serving as Vice President of Global Marketing, Cardiac Rhythm Management at Boston Scientific. From 1994 to 2008, he held various sales and marketing leadership positions at Guidant Corporation, which was acquired by Boston Scientific in 2006. Mr. Ban began his career at Eli Lilly and Company in 1990 and holds a B.S. in marketing and an M.B.A. He intends to retire on January 30, 2026.

Bryan K. Phillips, Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary

Bryan K. Phillips joined Inspire in January 2021. Before Inspire, he was Chief Legal Officer of Cerevel Therapeutics Holdings, Inc., a biopharmaceutical company, from December 2019 to January 2021. From 2005 to November 2019, he held various positions at Surmodics, Inc., a medical technology company, including Senior Vice President, Legal and Human Resources, General Counsel, and Secretary. He also served as Patent Counsel at Guidant Corporation's Cardiac Rhythm Management Group from 2001 to 2005. Mr. Phillips holds a B.S. in mechanical engineering and a J.D.

John Rondoni, Chief Product and Innovation Officer

John Rondoni has served as Chief Product and Innovation Officer since May 2025, after being the Chief Technology Officer from May 2022 to May 2025. He possesses over 20 years of experience in the medical devices and digital healthcare solutions markets. Mr. Rondoni joined Inspire in 2008 and has held various product, clinical, and business development roles both in the U.S. and internationally. Prior to joining Inspire, he developed peripheral and central neuromodulation therapies for Medtronic. He is an inventor on over 100 U.S. patents and holds a B.S. and M. Eng. from the Massachusetts Institute of Technology.

The key risks to Inspire Medical Systems (INSP) are primarily associated with challenges in new product introductions, the potential impact of emerging pharmaceutical treatments, and regulatory considerations.

1. Challenges and Execution Risks Related to the Inspire V Product Launch: Inspire Medical Systems has experienced significant operational failures and delays with the launch of its Inspire V sleep apnea device. These issues include inadequate training for medical centers, delays in software updates for claims processing, and an existing surplus of older devices, which affected demand for the new product. This led to a substantial reduction in the company's 2025 earnings per share guidance and a significant drop in stock value. Furthermore, these operational setbacks have resulted in proposed class-action lawsuits alleging that the company misled investors about the commercial readiness and demand for Inspire V.
2. Competition from GLP-1 Weight Loss Therapies: There is a growing concern that GLP-1 weight loss drugs could potentially affect Inspire's addressable market. As weight loss can sometimes alleviate obstructive sleep apnea, these therapies could reduce the need for Inspire's device in some patients.
3. Regulatory Risks Regarding Medical Software Classification: Inspire Medical Systems faces the risk of the FDA changing its current enforcement discretion regarding medical software products. This could potentially lead to the reclassification of applications like SleepSync™ as medical devices, subjecting them to more stringent regulations. Such a reclassification could necessitate complex approval processes, halt marketing efforts, or trigger product recalls, leading to substantial costs and operational disruptions.

The potential market entry of Nyxoah SA's Genio system into the United States. Nyxoah's Genio system is a competing hypoglossal nerve stimulation therapy for obstructive sleep apnea, similar to Inspire's core product. The Genio system has already received regulatory approvals in several international markets (e.g., Europe, Australia) and is actively undergoing clinical trials for FDA approval in the U.S. Should it gain FDA approval and launch, it would introduce direct competition to Inspire Medical Systems in its primary market, potentially impacting market share, pricing power, and differentiation.

The addressable market for Inspire Medical Systems' main product, Inspire therapy for obstructive sleep apnea (OSA), is as follows:

• The estimated market in the U.S. alone is over $10 billion.
• Approximately 23 million adults in the U.S. have moderate to severe OSA.

Inspire Medical Systems (INSP) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

• Continued Adoption and Enhanced Performance of the Inspire 5 System: The successful launch and high adoption rate of the Inspire 5 system are expected to be significant growth drivers. This new system offers improved surgical efficiency and enhanced patient outcomes, and its more cost-effective manufacturing contributes to higher gross margins. Physician training for the Inspire 5 system is largely complete, with a high percentage of centers already implementing the new technology.
• Expansion of Provider Network and Capacity: Inspire Medical Systems is focused on increasing the capacity of its provider partners to treat more patients. This includes strategies such as training advanced practice providers and certifying additional surgeons qualified to implant Inspire therapy.
• Increased Direct-to-Consumer (DTC) Marketing Efforts: The company is investing more in direct-to-consumer marketing to drive high-quality patient flow. These efforts aim to raise patient awareness and generate increased demand for Inspire therapy.
• International Market Expansion: Inspire Medical Systems has demonstrated robust international growth, with international revenue surging significantly in recent quarters. Continued expansion into new global markets is expected to contribute to overall revenue growth.
• Favorable Impact of GLP-1 Medications and Reimbursement Changes: The introduction of GLP-1 medications is noted to be increasing interest in sleep health and drawing more patients into clinics. This trend is expected to potentially make a larger pool of higher BMI patients eligible for Inspire therapy after weight loss. Additionally, positive reimbursement changes anticipated to take effect in January 2026 are also expected to enhance access to the therapy.

Share Repurchases

• In August 2025, Inspire Medical Systems authorized a new share repurchase program of up to $200 million, set to expire in August 2027.
• Under this 2025 program, the company completed $50 million in share repurchases during Q3 2025, leaving $150 million available as of September 30, 2025.
• In August 2024, the Board authorized Inspire's first share repurchase program of up to $150 million, which included a $75 million accelerated share repurchase transaction completed in early 2025 and an additional $75 million purchased by March 31, 2025, completing the program.

Share Issuance

• Inspire Medical Systems' shares outstanding slightly decreased by -0.77% over the last year.
• As of September 30, 2025, approximately 29.06 million shares of common stock were outstanding.
• As of September 30, 2025, 1,380,904 shares were available for issuance under the company's equity incentive plan.

Outbound Investments

• In July 2025, Inspire Medical Systems made a Later Stage VC investment in Restera.
• A $4.0 million non-cash impairment of a strategic investment was recorded in Q2 2025.

Capital Expenditures

• Capital expenditures increased from $5 million in 2021 to $39 million in 2024.
• Projected capital expenditures anticipate $28 million for 2025, increasing to $70 million by 2029.
• These expenditures support continuous innovation, product development (including the Inspire V system launch), and expansion of the U.S. sales organization and footprint.